CapitaLand has divested three retail malls in Japan and an office building in Korea for a total of S$448.7 million ($335.25 million) as part of its ongoing portfolio reconstitution strategy. The buyers are unrelated third parties. The agreed value of the properties was arrived on a willing-buyer and willing-seller basis.
In Japan, CapitaLand has divested La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, as well as CO-OP Kobe Nishinomiya Higashi in Greater Osaka, above valuation for a total of ¥21.99 billion (S$283.6 million/$211.89 million). In August 2020, CapitaLand also divested ICON Yeoksam in Seoul above valuation for KRW 142.2 billion (S$165.1 million/$123.36 million). CapitaLand held the office building through a private fund, Ascendas Korea Office Private Real Estate Investment Trust. CapitaLand remains the asset manager of ICON Yeoksam and will continue to receive fee income.
With these divestments in Japan and Korea, the total gross value of the div
